Council has some big decisions to make come January about the status of the historic Paramount Theatre building.
As reported by The Progress last week, two submissions emerged from the city’s recent request for proposals process for the old theatre building on Yale Road east.
“Council will have to decide if we want to go with one of those proposals we received, or close it down and invite proposals through a new process,” said Mayor Sharon Gaetz.
Demolition of the structure is possible, since the renovation costs might be prohibitive, she said.
Estimates are from $150,000 to $300,000 to bring the building up to provincial code standards.
“Obviously we’d prefer the revitalization option, but the building is going to have its challenges,” Gaetz said. “There is great potential there, but it’s going to cost a pretty penny.”
Council will not be reviewing the matter until after Christmas.
Mayor Gaetz toured the boarded-up building with some Vancouver media recently.
“It was weird walking through the building,” she said. “There is still popcorn left on the floor.”
One submission came from Revolution Church, and the other was from Protocol Developments with an entertainment proposal. Analysis of the proposals has not been completed yet, and staff will be checking to see if they have the financial resources and skills to undertake the renovations or redevelopment work needed.